Permitted Liens

Permitted Liens. (i) Liens imposed by law, such as carriers', warehousemen's, materialmen's and mechanics' liens, or Liens arising out of judgments or awards against Borrower with respect to which Borrower at the time shall currently be prosecuting an appeal or proceedings for review; (ii) Liens for taxes not yet subject to penalties for nonpayment and Liens for taxes the payment of which is being contested in good faith and by appropriate proceedings and for which, to the extent required by U.S. generally... accepted accounting principles then in effect, proper and adequate book reserves relating thereto are established by Borrower; (iii) liens securing the purchase price or lease of any goods, which liens attached only to the goods being purchased or leased; (iv) liens securing security bonds, bid bonds, performance bonds, and other similar items; (v) liens in the form of deposits or pledges in connection with worker's compensation, social security unemployment compensation or other similar matter; and (vi) liens existing as of the date hereof. View More

Permitted Liens. Has the meaning assigned in the Notes.

Permitted Liens. (i) Liens securing the payment of taxes, either not yet due or the validity amount or imposition of which is being contested in good faith by appropriate proceedings, (ii) the Liens and security interests in favor of the Lender, (iii) currently existing Liens as of the date of the Agreement, (iv) Liens securing the repayment of indebtedness of the Company to Fagenson & Co., as agent for certain lenders, (v) purchase money liens to third parties in connection with new equipment purchases or... Capital Leases provided the aggregate purchase price for said equipment and total lease payments under any Capital Leases does not exceed $150,000 in any fiscal year of Company. View More

Permitted Liens. (i) Liens existing on the date hereof and set forth on Exhibit A attached hereto; (ii) Liens in favor of the lenders under the Facility Agreement; (iii) statutory Liens created by operation of applicable law; (iv) Liens arising in the ordinary course of business and securing obligations that are not overdue or are being contested in good faith by appropriate proceedings; (v) Liens for taxes not yet due and payable or that are being contested in good faith by appropriate proceedings; and (vi)... Liens in favor of financial institutions arising in connection with accounts maintained in the ordinary course of business held at such institutions to secure standard fees for services charged by, but not financing made available by, such institutions View More

Permitted Liens. Means (i) Liens for Taxes (A) not currently due and payable, or (B) being contested in good faith by appropriate proceedings for which adequate reserves have been provided in the Audited Financial Statements; (ii) Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet delinquent; and (iii) all secured party lenders of Cornerstone who have perfected security interests though appropriate UCC filings as of the date of this Agreement.

Permitted Liens. Means: (i) liens in favor of Secured Party, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the judgment of Secured Party, any risk of the sale, forfeiture or loss of any of the Collateral, (iii) inchoate material men's, mechanic's, repairmen's and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent, (iv) Liens existing on the date hereof and set forth in Schedule B, and (v)... liens to secure existing Indebtedness with Secured Party for the financing of specific equipment to be assigned by Secured Party to Webster Bank. View More

Permitted Liens. Means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance with GAAP; (b) Liens imposed by law which were incurred in the ordinary course of the... Company's business, such as carriers', warehousemen's and mechanics' Liens, statutory landlords' Liens, and other similar Liens arising in the ordinary course of the Company's business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien; (c) Liens incurred in connection with Permitted Indebtedness under clauses (a), (b), (d) and (e) of the definition of Permitted Indebtedness; and (d) Liens incurred in connection with Permitted Indebtedness under clause (c) thereunder, provided that such Liens are not secured by assets of the Company or its Subsidiaries other than the assets so acquired or leased. View More

Permitted Liens. Shall mean all (i) liens imposed by Government Rule for taxes that are not yet due or that are being contested in good faith through appropriate proceedings by Borrower and for which adequate reserves have been set aside therefor, (ii) carrier's, warehousemen's, mechanics', landlords' materialmen's, repairmen's and other like liens imposed by Government Rule, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or that are being... contested in good faith by Borrower and for which adequate reserves have been set aside therefor; (iii) pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations; (iv) cash deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (v) liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; (vi) all existing liens on the assets of the Borrower which have been disclosed to the Secured Party by the Borrower on a Schedule attached hereto (provided, that if there is no such Schedule, then the Borrower shall be deemed to have made a representation and warranty that there are no such liens as of the date of this Agreement), (vii) all purchase money security interests hereinafter incurred by the Borrower in the ordinary course of business, and (viii) all licenses with respect to the intellectual property of Borrower granted in the ordinary course of business. View More

Permitted Liens. Means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course of business by operation of law with respect to a liability that is not yet due or delinquent; (iii) any Lien created by operation of law, such as materialmen's liens, mechanics' liens and other similar liens, arising in the ordinary course of business... with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings; (iv) Liens securing the Indebtedness expressly permitted by clause (ii) of Permitted Indebtedness; (v) Liens securing the Company's obligations under the Transaction Documents and (vi) Liens securing each Subsidiary's obligations under the Transaction Documents (including, without limitation, under the Guaranties). View More

Permitted Liens. Such meaning as defined in paragraph 8.1 below